Which indices to use for an equity vs. fixed-income portfolio simulation?Thanks for this thoughtful response. Regarding your first point, if you have the time/inclination, would you mind expressing that as an equation within the body of your answer? Having a hard time following. :) Imagine that I want to backtest a 60/40 portfolio and rebalance monthly, how can I compute the returns for bonds? Regarding (2), any idea where that is publicly available? Let me know if you think I should specify any of this as a separate question...